ECONOMICS (CBSE/UGC NET)

Detailed explanation-1: -Alternatively, a command economy is organized by a centralized government that owns most, if not all, businesses and where government officials direct all the factors of production. East Germany, North Korea, and the former Soviet Union are all examples of command economies.

Detailed explanation-2: -A command economy is a system in which a central government makes all economic decisions. Either the government or a collective owns the land and the means of production.

Detailed explanation-3: -Government Controls Production in Command Economy The government decides the means of production and owns the industries that produce goods and services for the public. The government prices and produces goods and services that it thinks benefits the people.

Detailed explanation-4: -Communism, also known as a command system, is an economic system where the government owns most of the factors of production and decides the allocation of resources and what products and services will be provided. The most important originators of communist doctrine were Karl Marx and Frederick Engels.